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61 chart charts

Adjustment to a demand shock, the competitiveness channel and the real interest rate channel

Terms of trade no longer weakening Finland's cost-competitiveness

Labour costs have tracked productivity growth and price rises

Terms-of trade-adjusted unit labour costs lowered relative to other countries particularly in 2016 and 2017

In 2018 labour cost growth has slower in Finland than in other countries, but cost-competitiveness was dampened by weak productivity developments and appreciation of the euro

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